Everyone, of course, wants the “best” Medicare supplement plan. So, what qualifies a plan as the “best” one? There are a few important factors that play into this analysis, and it is important to have a good understanding of Medicare supplement plans and how they work prior to figuring out which plan is best for you.

First of all, you should recognize that Medicare supplement plans are Federally-standardized. This goes for the coverage, claim payments and doctor acceptance. This means that there are no differences, other than price and company reputation, from one company to another. So, in short, the “best” plan is usually the least expensive one – the one with the lowest rate.

Medicare supplement insurance companies are rated by AM Best, which is an independent organization that rates insurance companies. These ratings can give you an idea of the financial size of the company (i.e. how much money they have in the bank); however, they are not an indication of which company is better or pays claims faster. Claim payments, with Medicare Supplements, are all paid through the Medicare “crossover” system, so there is no variation from one company to another as far as how fast, when or how much they pay on Medicare supplement claims.

With the above facts in mind, the comparison of Medicare supplement plans is the next step. To find the best plan, you should find the one that gives you the best rate for your specific situation – rates can vary by age, gender, zip code, etc.

To compare the Medicare Supplement plans, you can call each individual company to get their rates, meet with an agent or look at their unique “selling points”. However, with the knowledge that the plans are standardized, it is most advantageous to compare all of the plan options in a centralized place. Although you cannot do this directly through the individual companies, there are many brokerages which provide the resources to do this, including Medicare-supplement-comparison.com.

Comparing Medigap plans is an essential part of choosing the “right” plan for you. It can certainly seem like a daunting task, but it is not nearly as difficult as you may think. First and foremost, plans are standardized, so comparing them is based on other factors, besides differences in coverage. This greatly eliminates confusion that could exist if comparing multiple variables, such as coverage, price, company rating etc. So, how do the plans vary?

First of all, the plans can vary greatly in price. Although coverage is the same (i.e. one Plan F is the same as another), prices can be as much as double with one company versus another.

Secondly, plans can vary based on company reputation/rating. AM Best is an independent rating source of the companies. They are universally used to get an idea of a company’s financial strength/stability. Although this isn’t a guarantee of future solvency or stability, it can at least be a factor in your comparison.

So, with the knowledge of how the plans vary, how can you compare the options?

First, decide on which plan you want. If you are not familiar with the different coverage plans, you can view the standardized coverage chart here: STANDARDIZED PLAN COVERAGE CHART. Plan F is the most comprehensive plan option (and most expensive) – it pays for everything that Medicare doesn’t cover at the doctor/hospital.

Once you know which plan you want, you can very easily compare the plans based 0n price and company rating. Since coverage, claim payments, doctor acceptance, etc are standardized, the next step is obtaining a list of the plans available for your age and zip code. At that point, you can compare their prices and ratings.

To obtain this list of available plans and the quotes for your age/gender/zip code, you have two options. You can either call every insurance company that does business in your state and ask them for the quotes or set up meetings with them to obtain the quotes. Alternatively, and significantly easier, you can simply use a brokerage to compare all options in a centralized place. By doing so, you can get quotes for all plan options and make an informed, unbiased choice. Whether it is a MSC.com or another brokerage, this is the easiest and most useful to compare Medicare Supplement plans.

Medicare Supplements are plans that fill in the “gaps” in Medicare. These plans, contrary to popular misconception, do NOT have an annual enrollment period. On the contrary, you can enroll or disenroll in these plans at any time of the year. There are, however, some general health questions, so you must have relatively good health to get a Medicare Supplement. But you do not have a deadline for making changes.

What this means is that, although the Medicare annual enrollment period for Part D Rx plans is over, as of 12/7/11, you can still make changes to your supplement plan to save money for next year. If you are in a Plan F, you may want to consider changing to Plan G, which is generally a more financially advantageous plan. Or, you can change to a different company completely. If you have had the same plan for more than 12-18 months, it is almost certain you are paying more than market value for your Medigap plan. Just like any kind of insurance, rates change very frequently with Medicare Supplement plans. So it is to your advantage to re-evaluate on a bi-annual basis.

In many cases, making a simple change in company, while keeping the same coverage level (all Plan F’s, for example, are the exact same), will allow you to save hundreds, if not thousands, of dollars on your supplement coverage each year.

Many people just simply do not realize that you can change plans; because of that, many people end up paying more each year to one of the higher-priced companies. The premiums for Medicare supplement companies/plans can vary greatly, as much as $150/month for the exact same coverage. It is always most advantageous to be in the lowest-priced company for the plan that you want. With Medigap plans, coverage, claim payments, doctor acceptance, and everything else is exactly the same from one company to another.

To get more information about the plan options or to get an unbiased Medicare Supplement comparison of the plans available for your age and zip code, please visit our website at the link above or call us at 877.506.3378.

When you lose, or leave, an employer-based group health plan, you have some special provisions, as required by Medicare, for enrolling in a Medigap (also called Medicare Supplement) plan. Keep in mind that plans that are offered through employers are generally NOT an actual Medicare Supplement. So if you have one of these plans, you do not have a plan that is designed to work with Medicare.

When you lose that coverage, however, it is important to understand what Medicare Supplements are and how they work. First and foremost, you should know that the plans are Federally-standardized. There are absolutely no variations from one company to another for a “like” plan. This just means that a Plan ‘F’ with one company is the exact same as a Plan ‘F’ with another company. This makes comparing the plans, based on premium and company reputation, very easy to do.

Secondly, it is essential to understand the eligibility implications around your loss of employer coverage. If you already have Medicare A & B and are over age 65, you do NOT have an open enrollment period but rather a “Guaranteed Issue” period to sign up for a plan. This terminology can be confusing but it’s essentially the same thing. “Guaranteed Issue” allows you 63 days to sign up for a Medigap plan to start on a date that coincides with when your employer plan ends. You can do this with no health questions or pre-existing condition restrictions. You can not be turned down for coverage or made to pay more because of your health. It is imperative that you take advantage of this time period, and it only occurs once and, when it’s over, you can’t get it back.

Lastly, it is important to understand how to compare the plans. As mentioned above, it is essential to base this on the only two things that differ from one company to another – premium and company rating/reputation. Generally speaking, you can obtain quotes online from a brokerage. This can help you compare all of the options in a centralized place so that you can make an informed, unbiased choice.

If you have questions about your eligibility for a Medicare Supplement plan or if you are losing your employer coverage, it is advisable that you contact a reputable brokerage to get more information and discuss Medicare supplement options. You can get Medicare Supplement quotes from us via our quote form or call us with your questions at 877.506.3378.

Client Testimonials

Bottom line from this accountant – my company wants a combined $295 for my wife and I when we move to AL. The company you’ve suggested is the same coverage for a combined $221. That’s $888/year! I am actually paying $378/month for both of us now, so when we move, we’ll be saving $1888/year. Merry Christmas to us! Good thing I ran across your website today.

Tom C, AL, moving from MD to AL

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My wife and I just received the informative newsletter that you sent last week. We just want to say thank you. You have been a truly great discovery for us – I’m glad we found your site online. Please keep up your fine efforts and the informative newsletters – we appreciate the information they provide and appreciate your desire to stay in touch by email!

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You provide outstanding service to your clients! I first contacted you in November, 2011. You have responded to my requests with exceptional promptness, completeness and clarity. You have also provided helpful and timely information in your Newsletters. Thank you very much.

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It’s been a pleasure to work with you. My only complaint is that I did not know of you sooner. You certainly made easy work out of what I was making hard work.

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My doctor’s fee for EACH knee was a few hundred less than $38,000 + hospital fees… PER KNEE! My Plan F covered ALL OF IT! When I tell people the story, they want to know YOU!

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I appreciate very much your willingness to help each time that I’ve called upon you since I’ve had my coverage. It’s wonderful to find a professional who is honest and willing to assist.